Tech

National Semiconductor posts lower quarterly profit

BenjaminPimentel

SAN FRANCISCO (MarketWatch) -- National Semiconductor Corp. late Thursday reported a steep drop in fiscal first-quarter profit as it reeled from a 32% decline in year-over-year sales.

Shares of National Semiconductor
NSM, -0.32%
fell a fraction in after-hours trading.

The Santa Clara, Calif.-based company reported a fiscal first-quarter profit of $29.8 million, or 13 cents a share, compared with a profit of $79.6 million, or 33 cents a share, for the year-earlier period.

Revenue was $314.4 million, down from $465.6 million for the same period last year. The company's results included roughly $6 million in pre-tax restructuring charges related to the closure of the company's manufacturing facilities in Arlington, Tex. and Suzhou, China.

Analysts had expected to the Santa Clara, Calif.-based chip maker to report earnings of 8 cents a share, on revenue of $300.3 million, according to data from FactSet Research.

The company also said it expects second-quarter sales to rise roughly 3% to 8% sequentially, or a range of about $325 million to $340 million.

Analysts currently expect the company to report sales of $316.4 million, according to date from FactSet Research.

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